HomeMy WebLinkAboutOrdinance - 9200-1988 - Combination Tax And Golf Course Revenue Certificates Of Obligation 1988 - 04/28/1988,....
I .
~-
.-
ORDINANCE NO. 9200
First Reading
Apri 1 28, 1988
Second Reading
April 29, 1988
AN ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, COMBINATION TAX . AND GOLF COURSE
REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988";
levying an ad valorem tax upon all taxable
property in the City and pledging the Net
Revenues derived from the operation and ownership
of the Golf Course Facilities for the payment of
said Certificates~ specifying the terms and
features of such Certificates and resolving other
matters incident and related to the issuance,
sale, security, payment and delivery of said.
Certificates, including the approval and
distribution of an Official Statement relating
thereto; and providing an effective date.
-WHEREAS, the City Council of the City of Lubbock, Texas has
determined that certificates of.obligation should be issued to
pay contractual obligations to be incurred for ( i) the
construction of public works, to wit: improving, enlarging,
equipping, repairing; operating or maintaining (any or all) a
municipal golf course and related facilities, including the
purchase of materials, supplies and equipment therefor, and
(ii) professional services; and
WHEREAS, notice of intention to issue such certificates of
obligation (stating the time and place the Council proposed to
authorize the issuance of such certificates, the maximum amount
proposed to be issued, the purpose thereof and the manner in
which the Council proposes .to pay for such certificates) has
been published in Lubbock Avalanche Journal , a newspaper hereby
found to be of general circulation in the City of Lubbock,
Texas, on March 27 , 1988 and Apr i1 3 , 1988, with the date
of the first publication being before the fourteenth (14th) day
before the tentative date stated in said notice for the first
reading of the ordinance authorizing the certificates; and
WHEREAS, no petition protesting the issuance of such
certificates described: in the aforesaid notice, signed by at
least 5\ of the qualified electors of the City, has been
presented to or filed! with the City Secretary on or prior to
the date of the first reading of the ordinance authorizing the
certificates; and
WHEREAS, the City Council hereby finds and determines that
all of the certificates of obligation described in such notice
should be issued at this time; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS:
SECTION 1: Authorization-Designation-Principal Amount-
Purpose. Certificates of obligation of the City shall be and
are hereby authorized to be issued in the aggregate principal
amount of $750,000 to be designated and bear the title "CITY OF
LUBBOCK, TEXAS, COMBINATION TAX AND GOLF COURSE REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1988" (hereinafter referred
to as the "Certificates") for the purpose of paying contractual
obligations to be incurred for (i) the construction of public
works, to wit: improving, enlarging, equipping, repairing,
operating, or maintaining (any or all) a municipal golf course
and related facilities, including the purchase of materials,
supplies and equipment therefor, and (ii) professional
services, pursuant to authority conferred by and in conformity
with the Constitution and laws of the State of Texas, including
the Certificate of Obligation Act of 1971, as amended
(Subchapter C of Chapter 271, Local Government Code), Tex. Rev.
Civ. Stat. Ann. article 1269j-4.1, as amended, and the
following prov1s1ons of the City Charter of the City of
Lubbock: Article VII Section 1 and Article XI Section 1.
SECTION 2: Fully Registered Obligations -Authorized
Denominations-Stated Maturities-Date. The Certificates shall
be issued as fully registered obligations only, shall be dated
May 15, 1988 (the "Certificate Date"), shall be in
denominations of $5,000 or any integral multiple (within a
Stated Maturity) thereof, and the Certificates shall become due
and payable on February 15 in each of the years and in
principal amounts (the "Stated Maturities") and bear interest
at per annum rates in accordance with the following schedule:
Year of Principal Interest
Stated Maturity Amount Rate{sl
1989 $15,000 9-9 \
1990 30,000 '7 9 %
1991 35,000 c;: 9 %
1992 35,000 9 %
1993 40,000 Lj 9 \
1994 40,000 9 9 \
1995 45,000 9 9 %
1996 50,000 ?,&?5 z.azs %
1997 55,000 7,. Jl() 7.10 %
1998 55,000 ? 7 %
1999 60,000 ? 7 \
2000 65,000 7 7 \
2001 70,000 2 7 %
2002 75,000 I 7 %
2003 80,000 7 7 %
-2-
l 8 ~ I 0
The Certificates shall bear interest on the unpaid
principal amount thereof from the Certificate Date at the per
annum rate(s) shown above in this Section (computed on the
basis of a 360-day year of twelve 30-day months). Interest on
the Certificates shall be payable semiannually on February 15
and August 15 in each year, commencing February 15, 1989.
SECTION 3: Terms of Payment-Paying Agent/Registrar.
The principal of, premium, if any, and the interest on the
Certificates, due and payable by reason of maturity, redemption
or otherwise, shall be payable only to the registered owners or
holders of the Certificates (hereinafter called the "Holders")
appearing on the registration and transfer books (the "Security
Register") maintained by the Paying Agent/Registrar and the
payment thereof shall be in any coin or currency of the United
States of America, which at the time of payment is legal tender
for the payment of public and private debts, and shall be
without exchange or collection charges to the Holders.
The selection and appointment of Texas Commerce Bank
National Association, Lubbock, Texas to serve as Paying
Agent/Registrar for the Certificates is hereby approved and
confirmed. The City covenants to maintain and provide a Paying
Agent/Registrar at all times until the Certificates are paid
and discharged, and any successor Paying Agent/Registrar shall
be a bank, trust company, financial institution or other entity
qualified and authorized to serve in such capacity and perform
the duties and services of Paying Agent/Registrar. Upon any
change in the Paying Agent/Registrar for the Certificates, the
City agrees to promptly cause a written notice thereof to be
sent to each Holder by United States Mail, first class postage
prepaid, which notice shall also give the address of the new
Paying Agent/Registrar.
Principal of and premium, if any, on the Certificates shall
be payable at the Stated Maturities or the redemption thereof,
only upon presentation and surrender of the Certificates to the
Paying Agent/Registrar at its principal office. Interest on
the Certificates shall be paid to the Holders whose name
appears in the Security Register at the close of business on
the Record Date (the last business day of the month next
preceding each interest payment date) and shall be paid by the
Paying Agent/Registrar ( i) by check sent United States Mai 1,
first class postage prepaid, to the address of the Holder
recorded in the Security Register or (ii) by such other method,
acceptable to the Paying Agent/Registrar, requested by, and at
the risk and expense of, the Holder. If the date for the
payment of the principal of or interest on the Certificates
shall be a Saturday, Sunday, a legal holiday, or a day when
banking institutions in the City where the principal office of
the
-3-2 8 S I 0
••
Paying Agent/Registrar is located are authorized by law or
executive order to close, then the date for such payment shall
be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day when banking institutions are
authorized to close; and payment on such date shall have the
same force and effect as if made on the original date payment
was due.
In the event of a nonpayment of interest on a scheduled
payment date, and for thirty (30) days thereafter, a new record
date for such interest payment (a "Special Record Date") will
be established by the Paying Agent/ Registrar, if and when
funds for the payment of such interest have been received from
the City. Notice of the Special Record Date and of the
scheduled payment date of the past due interest (which shall be
15 days after the Special Record Date) shall be sent at least
five (5) business days prior to the Special Record Date by
United States Mail, first class postage prepaid, to the address
of each Holder appearing on the Security Register at the close
of business on the last business next preceding the date of
mailing of such notice.
SECTION 4: Redemption. (a) Optional Redemption. The
Certificates having Stated Maturities on and after February 15,
1999, shall be subject to redemption prior to maturity, at the
option of the City, in whole or in part in principal amounts of
$5,000 or any integral multiple thereof (and if within a Stated
Maturity by lot by the Paying Agent/Registrar), on February 15,
1998 or on any interest payment date thereafter at the
redemption price of par plus accrued interest to the date of
redemption.
(b) Exercise of Redemption Option. At least forty-five
(45) days prior to a redemption date for the Certificates
(unless a shorter notification period shall be satisfactory to
the Paying Agent/Registrar), the City shall notify the Paying
Agent/Registrar of the decision to redeem Certificates, t~e
principal amount of each Stated Maturity to be redeemed, and
the date of redemption therefor. The decision of the City to
exercise the right to redeem Certificates shall be entered in
the minutes of the governing body of the City.
(c) Selection of Certificates for ·Redemption. If less
than all Outstanding Certificates of the same Stated Maturity
are to be redeemed on a redemption date, the Paying Agent/
Registrar shall treat such Certificates as representing the
number of Certificates Outstanding which is obtained by
dividing .the principal amount of such Certificates 'by $5,000
and shall select the Certificates to be redeemed within such
Stated Maturity by lot.
-4-
2 8 5 l D
.·
(d) Notice of Redemption. Not less than thirty (30) days
prior to a redemption date for the Certificates, a notice of
redemption shall be sent by United States Mail, first class
postage prepaid, in the name of the City and at the City's
expense, to each Holder of a Certificate to be redeemed in
whole or in part at the address of the Holder appearing on the
Security Register at the close of business on the business day
next preceding the date of mailing such notice, and any notice
of redemption so mailed shall be conclusively presumed to have
been duly given irrespective of whether received by the Holder.
All notices of redemption shall (i) specify the date of
redemption for the Certificates, (ii) identify the Certificates
to be redeemed and, in the case of a portion of the principal
amount to be redeemed, the principa 1 amount thereof to be
redeemed, (iii) state the redemption price, (iv) state that the
Certificates, or the portion of the principal amount thereof to
be redeemed, shall become due and payable on the redemption
date specified, and the interest thereon, or on the portion of
the principal amount thereof to be redeemed, shall cease to
accrue from and after the redemption date, and (v) specify that
payment of the redemption price for the Certificates, or the
principal amount thereof to be redeemed, shall be made at the
principal office of the Paying Agent/Registrar only upon
presentation and surrender of the Certificates. If a
Certificate is subject by its terms to prior redemption and has
been called for redemption and not ice of redemption has been
duly given as hereinabove provided, such Certificate (or the
principal amount thereof to be redeemed) shall become due and
payable and interest thereon shall cease to accrue from and
after the redemption date therefor; provided moneys sufficient
for the payment of such Certificate (or of the principal amount
thereof to be redeemed) at the then applicable redemption price
are held for the purpose of such payment by the Paying
Agent/Registrar.
SECTION 5: Registration Transfer Exchange of
Certificates-Predecessor Certificates. A Security Register
relating to the registration, payment, and transfer or exchange
of the Certificates shall at all times be kept and maintained
by the City at the principal office of the Paying
Agent/Registrar, as provided herein and in accordance with the
provisions of an agreement with the Paying Agent/Registrar and
such rules and regulations as the Paying Agent/Registrar and
the City may prescribe. The Paying Agent/Registrar shall
obtain, record, and maintain in the Security Register the name
and address of each and every owner of the Certificates issued
und~r and pursuant to the provisions of this Ordinance, or if
appropriate, the nominee thereof. Any Certificate may be
transferred or exchanged for Certificates of other authorized
-5-2 8 ) I 0
.. .
denominations by the Holder, in person or by his duly
authorized agent, upon surrender of such Certificate to the
Paying Agent/Registrar at the principal office for
cancellation, accompanied by a written instrument of transfer
or request for exchange duly executed by the Holder or by his
duly authorized agent, in form satisfactory to the Paying
Agent/Registrar.
Upon surrender of any Certificate for transfer at the
Designated Payment/Transfer Office of the Paying
Agent/Registrar, one or more new Certificates shall be
registered and issued to the assignee or transferree of the
previous Holder; such Certificates to be in authorized
denominations, of like Stated Maturity and of a like aggregate
principal amount as the Certificate or Certificates surrendered
for transfer.
At ~he option of the Holder, Certificates may be exchanged
for other Certificates of authorized denominations and having
the same Stated Maturity, bearing the same rate of interest and
of like aggregate principai arriount as the Certificates
surrendered for exchange, upon surrender of the Certificates to
be exchanged at the principal office of the Paying Agent/
R~gistrar. Whenever any Certificates are surrendered for
exchange, the Paying Agent/Registrar shall register and deliver
new Certificates to the Holder requesting the exchange.
All Certificates issued in any transfer or exchange of
Certificates shall be delivered to the Holders at the principal
office of the Paying Agent/Registrar or sent by United States
Mai 1, first class, postage prepaid to the Holders, and, upon
the registration and delivery thereof, the same shall be the
valid obligations of the City, evidencing the same obligation
to pay, and entitled to the same benefits under this Ordinance,
as the Certificates surrendered in such transfer or exchange.
All transfers or exchanges of Certificates pursuant to this
Section shall be made without expense or service charge to the
Holder, except as otherwise herein provided, and except that
the Paying Agent/Registrar shall require payment by the Holder
requesting such transfer or exchange of any tax or other
governmental charges required to be paid with respect to such
transfer or exchange.
Certificates cancelled by reason of an exchange or transfer
pursuant to the provisions hereof are hereby defined to be
"Predecessor Certificates," evidencing all or a portion, as the
case may be, of the same obligation to pay evidenced by the new
Certificate or Certificates registered and delivered in the
exchange or transfer therefor. Additionally, the term
-6-2 8 S I 0
"Predecessor Certificates" shall include any mutilated, lost,
destroyed, or stolen Certificate for which a replacement
Certificate has been issued, registered and delivered in lieu
thereof pursuant to the provisions of Section 27 hereof and
such new replacement Certificate shall be deemed to evidence
the same obligation as the mutilated, lost, destroyed, or
stolen Certificate.
Neither the City nor the Paying Agent/Registrar shall be
required to issue or transfer to an assignee of a Holder any
Certificate called for redemption, in whole or in part, within
30 days of the date fixed for the redemption of such
Certificate; provided, however, such limitation on
transferability shall not be applicable to an exchange by the
Holder of the unredeemed balance of a Certificate called for
redemption in part.
SECTION 6: Execution -Registration. The Certificates
shall be executed on behalf of the City by the Mayor under its
seal reproduced or impressed thereon and countersigned by the
City Secretary. The signature of said officers on the
Certificates may be manual or facsimile. Certificates bearing
the manual or facsimile signatures of individuals who are or
were the proper officers of the City on the Certificate Date
shall be deemed to be duly executed on behalf of the City,
notwithstanding that such individuals or either of them shall
cease to hold such offices at the time of delivery of the
Certificates to the initial purchaser(s) and with respect to
Certificates delivered in subsequent exchanges and transfers,
all as authorized and provided in the Bond Procedures Act of
1981, as amended.
No Certificate shall be entitled to any right or benefit
under this Ordinance, or be valid or obligatory for any
purpose, unless there appears on such Certificate either a
certificate of registration substantially in the form provided
in Section 8C, manually executed by the Comptroller of Public
Accounts of the State of Texas, or his duly authorized agent,
or a certificate of registration substantially in the form
provided in Section 80, manually executed by an authorized
officer, employee or representative of the Paying
Agent/Registrar, and either such certificate duly signed upon
any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly certified,
registered and delivered.
SECTION 7: Initial Certificate(s). The Certificates
herein authorized shall be initially issued either· (i) as a
single fully registered certificate in the total principal
amount of $750,000 with principal installments to become due
-7-
l II 5 I 0
and payable as provided in Section 2 hereof and numbered T-1,
or (ii) as fifteen (15) fully registered certificates, being
one certificate for each year of maturity in the applicable
principal amount and denomination and to be numbered
consecutively from T-1 and upward (hereinafter called the
"Initial Certificate(s)") and, in either case, the Initial
Certificate(s) shall be registered in the name of the initial
purchaser(s) or the designee thereof. The Initial
Certificate(s) shall be the Certificates submitted to the
Office of the Attorney General of the State of Texas for
approval, certified and registered by the Office of the
Comptroller of Public Accounts of the State of Texas and
delivered to the initial purchaser(s). Any time after the
delivery of the Initial Certificate(s), the Paying
Agent/Registrar, pursuant to written instructions from the
initial purchaser(s), or the designee thereof, shall cancel the
Initial Certificate(s) delivered hereunder and exchange
therefor definitive Certificates of authorized denominations,
Stated Maturities, principal amounts and bearing applicable
interest rates for transfer and delivery to the Holders named
at the addresses identified therefor; all pursuant to and in
accordance with such written instructions from the initial
purchaser(s), or the designee thereof, and such other
information and documentation as the Paying Agent/Registrar may
reasonably require.
SECTION 8: Forms. A. Forms Generally. The Certifi-
cates, the Registration Certificate of the Comptroller of
Public Accounts of the State of Texas, the Registration
Certificate of Paying Agent/Registrar, and the form of
Assignment to be printed on each of the Certificates, shall be
substantially in the forms set forth in this Section with such
appropriate insertions, omissions, substitutions, and other
variations as are permitted or required by this Ordinance and
may have such letters, numbers, or other marks of
identification (including identifying numbers and letters of
the Committee on Uniform Securities Identification Procedures
of the American Bankers Association) and such legends and
endorsements (including any reproduction of an op1n1on of
counsel) thereon as may, consistently herewith, be established
by the City or determined by the officers executing such
Certificates as evidenced by their execution. Any portion of
the text of any Certificates may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of
the Certificate.
The definitive Certificates shall be printed, lithographed,
or engraved or produced in any other similar manner, all as
determined by the officers executing such Certificates as
-8-l I! ; l [)
evidenced by their execution, but the Initial Certificate(s)
submitted to the Attorney General of Texas may be typewritten
or photocopied or otherwise reproduced. ·
B. Form of Definitive Certificates.
REGISTERED
NO.
REGISTERED $ ___ _
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND
GOLF COURSE REVENUE
Certificate Date:
May 15, 1988
Registered Owner:
Principal Amount:
CERTIFICATE OF OBLIGATION,
SERIES 1988
Interest Rate: Stated Maturity:
% ------
CUSIP NO:
DOLLARS
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and political subdivision in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the order of the Registered Owner named above, or the
registered assigns thereof, on the Stated Maturity date
specified above the Principal Amount hereinabove stated (or so
much thereof as shall not have been paid upon prior redemption)
and to pay interest on the unpaid principal amount hereof from
the Certificate Date at the per annum rate of interest
specified above computed on the basis of a 360-day year of
twelve 30-day months; such interest being payable on
February 15 and August 15 in each year, commencing February 15,
1989. Principal of this Certificate is payable at its Stated
Maturity or redemption to the registered owner hereof, upon
presentation and surrender, at the principal office of the
Paying Agent/Registrar executing the registration certificate
appearing hereon, or its successor. Interest is payable to the
registered owner of this Certificate (or one or more
Predecessor Certificates, as defined in the Ordinance
-9-
l 8) I D
he'l'einafter referenced) whose name appears on the "Security
Register" maintained by the Paying Agent/Registrar at the close
of business on the "Record Date", which is the last business
day of the month next preceding each interest payment date, and
interest shall be paid by the Paying Agent/Registrar by check
sent United States Mail, first class postage prepaid, to the
address of the registered owner recorded in the Security
Register or by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense of,
the registered owner. All payments of principal of, premium,
if any, and interest on this Certificate shall be without
exchange or collection charges to the owner hereof and in any
coin or currency of the United States of America which at the
time of payment is legal tender for the payment of public and
private debts.
This Certificate is one of the series specified in its
title issued in the aggregate principal amount of $750,000
(herein referred to as the "Certificates") for the purpose of
paying contractual obligations to be incurred for (i} the
construction of public works, to wit: improving, enlarging,
equipping, repairing, operating or maintaining (any or all) a
municipal golf course and related facilities, including the
purchase of materials, supplies and equipment therefor, and
(ii) professional services, under and in strict conformity with
the Constitution and laws of the State of Texas, particularly
the Certificate of Obligation Act of 1971, as amended
(Subchapter C of Chapter 271, Local Government Code}, Tex. Rev.
Civ. Stat. Ann. artic.le 1269j-4.1, as amended, and the
following prov1s1ons of the City Charter of the City of
Lubbock: Article VIII Section 1 and Article XI Section 1, and
pursuant to an Ordinance adopted by the City Council of the
City (herein referred to as the "Ordinance").
The Certificates maturing on and after February 15, 1999,
may be redeemed prior to their Stated Maturities, at the option
of the City, in whole or in part in principal amounts of $5,000
or any integral multiple thereof (and if within a Stated
Maturity by lot by the Paying Agent/Registrar), on February 15,
1998, or on any interest payment date thereafter, at the
redemption price of par, together with accrued interest to the
date of redemption and upon 30 days prior written notice being
sent by United States Mail, first class postage prepaid, to the
registered owners of the Certificates to be redeemed, and
subject to the terms and provisions relating thereto contained
in the Ordinance. If this Certificate (or any portion of the
principal sum hereof) shall have been duly called for
rede,mption and notice of such redemption duly given, 'then upon
such redemption date this Certificate (or the portion of the
principal sum hereof to be redeemed) shall become due and
-10-
2 6 !i I D
payable, and interest thereon shall cease to accrue from and
after the redemption date therefor, provided moneys for the
payment of the redemption price and the interest on the
principal amount to be redeemed to the date of redemption are
held for the purpose of such payment by the Paying
Agent/Registrar.
In the event of a partial redemption of the principal
amount of this Certificate, payment of the redemption price of
such principal amount shall be made to the registered owner
only upon presentation and surrender of this Certificate to the
principal office of the Paying Agent/Registrar and there shall
be issued, without charge therefor to the registered owner
hereof, a new Certificate or Certificates of like maturity and
interest rate in any authorized denominations provided by the
Ordinance for the then unredeemed balance of the principal sum
hereof. If this Certificate is selected for redemption, in
whole Of in part, the City and the Paying Agent/Registrar shall
not be required to transfer this Certificate to an assignee of
the registered owner within 45 days of the redemption date
therefor; provided, however, su~h limitation on transferability
shall not be applicable to an exchange by the registered owner
of the unredeemed balance hereof in the event of its redemption
in part.
The Certificates are payable from the proceeds of an ad
valorem tax levied, within the limitations prescribed by law,
upon all taxable property in the City and are additionally
payable from and secured by a lien on and pledge of the Net
Revenues (as defined in the Ordinance) of the City's Golf
Course Facilities (identified and defined in the Ordinance),
such lien and pledge, however, being junior and subordinate to
any prior pledge of net revenues of the Golf Course Facilities
which may hereafter be made. Reference is hereby made to the
Ordinance, a copy of which is on file in the principal office
of the Paying Agent/Registrar, and to all the provisions of
which the registered owner of this Certificate by the
acceptance hereof hereby assents, for definitions of terms; the
description of and the nature and extent of the tax levied for
the payment of the Certificates; the properties constituting
the Golf Course Facilities; the Net Revenues pledged to the
payment of the principal of and interest on the Certificates;
the nature and extent and manner of enforcement of the pledge;
the terms and conditions relating to the transfer or exchange
of this Certificate; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the Holders; the rights, duties, and obligations of the City
and the Paying Agent/Registrar i the terms and provisions upon
which the tax levy and the liens, pledges, charges and
covenants made therein may be discharged at or prior to the
-11-
l 8 ) I 0
maturity of this Certificate, and this Certificate deemed to be
no longer Outstanding thereunder; and for the other terms and
provisions contained therein. Capitalized terms used herein
have the meanings assigned in the Ordinance.
This Certificate, subject to certain limitations contained
in the Ordinance, may be transferred on· the Security Register
only upon its presentation and surrender at the principal
office of the Paying Agent/Registrar, with the Assignment
hereon duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Paying Agent/Registrar
duly executed by, the registered owner hereof, or his duly
authorized agent. When a transfer on the Security Register
occurs, one or more new fully registered Certificates of the
same Stated Maturity, of authorized denominations, bearing the
same rate of interest, and of the same aggregate principal
amount will be issued by the Paying Agent/Registrar to the
designated transferee or transferees.
The City and the Paying Agent/Registrar, and any agent of
either, shall treat the registered owner whose name appears on
the Security Register (i} on the Record Date as the owner
entitled to payment of interest hereon, ( ii} on the date of
surrender of this Certificate as the owner entitled to payment
of principal hereof at its Stated Maturity or its redemption,
in whole or in part, and (iii} on any other date as the owner
for all other purposes, and neither the City nor the Paying
Agent/Registrar, or any agent of either, shall be affected by
notice to the contrary. In the event of nonpayment of interest
on a scheduled payment date and for thirty (30) days
thereafter, a new record date for such interest payment (a
"Special Record Date") will be established by the Paying
Agent/Registrar, if and when funds for the payment of such
interest have been received from the City. Notice of the
Special Record Date and of the scheduled payment date of the
past due interest (which shall be 15 days after the Special
Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail, first
class postage prepaid, to the address of each Holder appearing
on the Security Register at the close of business on the last
business day next preceding the date of mailing of such notice.
It is hereby certified, recited, represented and declared
that the City is a body corporate and political subdivision
duly organized and legally existing under and by virtue of the
Constitution and laws of the State of Texas; that the issuance
of the Certificates is duly authorized by law; that ·all acts,
conditions and things required to exist and be done' precedent
to and in the issuance of the Certificates to render the same
lawful and valid obligations of the City have been properly
-12-
l 8 ; I ll
done, have happened and have been performed in regular and due
time, form and manner as required by the Constitution and laws
of the State of Texas, and the Ordinance; that the Certificates
do not exceed any Constitutional or statutory limitationi and
that due provision has been made for the payment of the
principal of and interest on the Certificates by the levy of a
tax and a pledge of and lien on the Net Revenues of the Golf
Course Facilities as aforestated. In case any provision in this
Certificate shall be invalid, illegal, or unenforceable, the
validity., legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired
thereby. The terms and provisions of this Certificate and the
Ordinance shall be construed in accordance with and shall be
governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the City Council of the City has
caused this Certificate to be duly executed under the official
seal of the City as of the Certificate Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED: Mayor
City Secretary
(SEAL)
C. *Form of Registration Certificate of Comptroller
of Public Accounts to appear on Initial Certificate(s)
only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
(
(
(
(
REGISTER NO.
THE STATE OF TEXAS
I HEREBY CERTIFY that this Certificate has been examined,
certified as to validity and approved by the Attorney General
-13-
2 8 S I D
of the State of Texas, and duly registered by the Comptroller
of Public Accounts of the State of Texas.
WITNESS my
this
signature and seal of office
Comptroller of Public Accounts
of the State of Texas
(SEAL)
*NOTE TO PRINTER: Do Not Print on Definitive Certificates
D. Form of Certificate of Paying Agent/Registrar to
appear on Definitive Certificates only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Certificate has been duly issued and registered under
the provisions of the within-mentioned Ordinance; the
certificate or certificates of the above entitled and
designated series originally delivered having been approved by
the Attorney General of the State of Texas and registered by
the Comptroller of Public Accounts, as shown by the records of
the Paying Agent/Registrar.
Registration Date: TEXAS COMMERCE BANK
NATIONAL ASSOCIATION,
LUBBOCK, TEXAS
As Paying Agent/Registrar
By
Authorized Signature
E. Form of Assignment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns, and transfers unto (Print or typewrite name,
address, and zip code of transferee:) ....................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . • ..................................................... .
(Social Security or other identifying number: ......•..•......
........................ ) the within Certificate and all rights
-14-
2 8 5 I 0
thereunder, and hereby irrevocably constitutes and appoints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
attorney to transfer the within Certificate on the books kept
for registration thereof, with full power of substitution in
the premises.
DATED: ..................................
Signature guaranteed:
NOTICE: The signature on this
assignment must correspond with
of the registered owner as it
appears on the face of the within
Certificate in every particular.
F. The Initial Certificate(s) shall be in the form set
forth in paragraph B of this Section, except that the
form of a single fully registered Initial Certificate
shall be .modified as follows:
(i) immediately under the name of the certificate the
headings "Interest Rate -:-:--:-----" and "Stated
Maturity " shall both be completed "as shown
below";
(ii) paragraph one shall read as follows:
Registered Owner:
Principal Amount: Dollars
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the order of the the Registered Owner named above, or the
registered assigns thereof, the Principal Amount hereinabove
stated on February 15 in each of the years and in principal
installments in accordance with the following schedule:
YEAR
PRINCIPAL
INSTALLMENTS
(Information to be inserted from
schedule in Section 2 hereof).
INTEREST
RATE
(or so much thereof as shall not have been prepaid. prior to
maturity) and to pay interest on the unpaid principal amounts
hereof from the Certificate Date at the per annum rate( s) of
interest specified above computed on the basis of a 360-day
year of twelve 30-day months; such interest being payable on
-15-2 8 f> I 0
February 15 and August 15 of each year, commencing February 15,
1989. Principal of this Certificate is payable at its Stated
Maturity or prepayment date to the registered owner hereof upon
presentation and surrender at the principal office of Texas
Commerce Bank National Association, Lubbock, Texas (the "Paying
Agent/Registrar"). Interest is payable to the registered owner
of this Certificate whose name appears on the "Security
Register" maintained by the Paying Agent/Registrar at the close
of business on the "Record Date", which is the last business
day of the month next preceding each interest payment date
hereof and interest shall be paid by the Paying Agent/Registrar
by check sent United States Mail, first class postage prepaid,
to the address of the registered owner recorded in the Security
Register or by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense of,
the registered owner. All payments of principal of, premium,
if any, and interest on this Certificate shall be without
exchang~ or collection charges to the owner hereof and in any
coin or currency of the United States of America which at the
time of payment is legal tende~ for the payment of public and
private debts.
SECTION 9: Definitions. That for purposes of this
Ordinance and for clarity with respect to the issuance of the
Certificates, and the levy of taxes and appropriation of Net
Revenues therefor, the following words or terms, whenever the
same appear herein without qualifying language, are defined to
mean as follows:
(a) The term "Additional Obligations'' shall mean
combination tax and revenue certificates of obligation
hereafter issued which, in whole or in part, are
payable from ad valorem taxes and additionally payable
from and secured by a lien on and pledge of the Net
Revenues of the Golf Course Facilities on a parity
with and of equal rank and dignity with the lien and
pledge securing the payment of the Certificates.
(b) The term "Certificates" shall mean the
$750,000 "CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND
GOLD COURSE REVENUE CERTIFICATES OF OBLIGATION,
SERIES 1988" authorized by this Ordinance.
(c) The term "Certificate Fund" shall mean the
special Fund created and established under the
provisions of Section 10 of this Ordinance.
(d) The term "Collection Date" shall mean, 'when
reference is being made to the levy and collection of
annual ad valorem taxes, the date annual ad valorem
-16-l 8 5 I 0
taxes levied each year by the City become delinquent.
(e) The term "Fiscal Year" shall mean the annual
financial accounting period used with respect to the
operation of the Golf Course Facilities now ending on
September 30 of each year; provided, however, the City
Council may change, by ordinance duly passed, such
annual financial accounting period to end on another
date if such change is found and determined to be
necessary.
(f) The term "Golf Course Facilities" shall mean
the City's existing golf course comprised of 260 acres
of irrigated turf presently located on the northeast
quadrant of Mackenzie State Park and the improvements
to be constructed with the proceeds of the
Certificates and known as the "Meadowbrook Golf
Course," and being all land and facilities owned,
operated and maintained by the City at such location
for the playing and practicing, or the giving of
instruction in, the game of golf, including a
clubhouse, maintenance barn, cartshed, maintenance
storage facility and similar facilities incident
and/or related thereto or therefor or as hereinafter
designated.
(g) The term "Government Securities" shall mean
direct obligations of the United States of America,
including obligations the principal of and interest on
which are unconditionally guaranteed by the United
States of America, and the United States Treasury
obligations such as its State and Local Government
Series in book-entry form.
(h) The term "Net Revenues" shall mean, with
respect to any period, all income, receipts and
revenues received by the operation and ownership of
the Golf Course Facilities including, but not limited
to, admission charges, parking fees and concession
receipts and rentals, less Operating and Maintenance
Expenses of the Golf Course Facilities during such
period.
(i) The term "Operating and Maintenance
Expenses" shall mean all reasonable and necessary
costs and expenses directly related and attributable
to the operation and maintenance of the Golf Course
Facilities, including, but not limited to, the cost of
insurance, the purchase and carrying of stores,
materials, and supplies, the payment of salaries,
-17-
labor and other expenses reasonably and properly
charged, under generally accepted accounting
principles, to the operation and maintenance of the
Golf Course Facilities. Depreciation charges on
equipment, machinery, buildings and other facilities
and expenditures classified under generally accepted
accounting principles as capital expenditures shall
not be considered as "Operating and Maintenance
Expenses" for purposes of determining "Net Revenues".
(j) The term "Outstanding" when used in this
Ordinance with respect to Certificates means, as of
the date of determination, all Certificates
theretofore issued and delivered under this Ordinance,
except:
( i) those Certificates cancelled by
the Paying Agent/Registrar or delivered to
the Paying Agent/Registrar for cancellation;
(ii) those Certificates deemed to be
duly paid by the City in accordance with the
provisions of Section 23 hereof by the
irrevocable deposit with the Paying
Agent/Registrar, or an authorized escrow
agent, of money or Government Securities, or
both, in the amount necessary to fully pay
the principal of, premium, if any, and
interest ~thereon to maturity or redemption,
as the case may be, provided that, if such
Certificates are to be redeemed, notice of
redemption thereof shall have been duly
given pursuant to this Ordinance or
irrevocably provided to be given to the
satisfaction of the Paying Agent/ Registrar,
or waived; and
(iii) those mutilated, destroyed, lost,
been
and
or stolen Certificates which have
replaced with Certificates registered
delivered in lieu thereof as provided
Section 27 hereof.
in
SECTION 10: Certificate Fund. That, for the purpose of
paying the interest on and to provide a sinking fund for the
payment, redemption and retirement of the Certificates, an
interest and sinking fund or account shall be created and
maintained on the books and records of the City, whi~h fund or
account shall be maintained at a depository of City funds and
be known as the "SPECIAL 1988 CITY OF LUBBOCK, TEXAS,
-18-
2 8 s l 0
COMBINATION TAX AND GOLF COURSE REVENUE CERTIFICATE OF
OBLIGATION FUND". The Certificate Fund shall be a special fund
or account maintained solely for the payment of the
Certificates. Proper officers of the City are hereby
authorized and directed to cause to be transferred to the
Paying Agent/Registrar for the Certificates, from funds on
deposit in the Certificate Fund, amounts sufficient to fully
pay and discharge promptly each installment of interest and
principal of the Certificates as the same accrues or matures or
comes due by reason of redemption prior to maturity; such
transfers of funds to be made in such manner as will cause
immediately avai !able funds to be deposited with the Paying.
Agent/Registrar for the Certificates at the close of business
on the last business day next preceding each interest and/or
principal payment date for the Certificates.
Pending the transfer of funds to the Paying
Agent/Registrar, money in the Certificate Fund may, at the
option of the City, be invested in obligations identified in,
and in accordance with the provisions of the "Public Funds
Investment Act of 1987" relating to the investment of "bond
proceeds"; provided that all such investments shall be made in
such a manner that the money required to be expended from said
Fund will be available at the proper time or times. All
interest and income derived from deposits and investments in
said Certificate Fund shall be credited to, and any losses
debited to, the said Certificate Fund. All such investments
shall be sold promptly when necessary to prevent any default in
connection with the Certificates.
SECTION 11: Tax Levy. That to provide for the payment
of the "Debt Service Requirements" on the Certificates being
(i) the interest on said Certificates and (ii) a sinking fund
for their redemption at maturity or a sinking fund of 2\
(whichever amount shall be the greater), there shall be and
there is hereby levied for the current year and each succeeding
year thereafter while said Certificates or any interest thereon
shall remain Outstanding, a sufficient tax on each one hundred
dollars • valuation of taxable property in said City, adequate
to pay such Debt Service Requirements, full allowance being
made for delinquencies and costs of collection; said tax shall
be assessed and collected each year and applied to the payment
of the Debt Service Requirements, and the same shall not be
diverted to any other purpose. The taxes so levied and
collected shall be deposited to the credit of the Certificate
Fund. This governing body hereby declares its purpose and
intent to provide and levy a tax legally and fully sufficient
to pay the said Debt Service Requirements, it ha.ving been
determined that the existing and available taxing authority of
the City for such purpose is adequate to permit a legally
-19-
2 8 5 1 0
sufficient tax in consideration of all other outstanding
indebtedness.
The amount of taxes to be provided annually for the payment
of the principal of and interest on the Certificates shall be
determined and accomplished in the following manner:
(a) Prior to the date the City Council establishes
the annual tax rate and passes an ordinance levying ad valorem
taxes each year, the City Council shall determine:
(1) The amount on deposit in the Certificate
Fund after (a) deducting therefrom the total amount of
Debt Service Requirements to become due on
Certificates prior to the Collection Date for the
ad valorem taxes to be levied and (b) adding thereto
the amount of Net Revenues of the Golf Course
Facilities appropriated and allocated to pay such Debt
Service Requirements prior to the Collection Date for
the ad valorem taxes to be levied.
(2) The amount of Net Revenues of the Golf
Course Facilities, appropriated and to be set as ide
for the payment of the Debt Service Requirements on
the Certificates between the Collection Date for the
taxes then to be levied and the Collection Date for
the taxes to be levied during the next succeeding
calendar year.
(3) The amount of Debt Service Requirements to
become due and payable on the Certificates between the
Collection Date for the taxes then to be levied and
the Collection Date for the taxes to be levied during
the next succeeding calendar year.
(b) The amount of taxes to be levied annually each
year to pay the Debt Service Requirements on the Certificates
shall be the amount established in paragraph (3) above less the
sum total of the amounts established in paragraphs (1) and (2),
after taking into consideration delinquencies and costs of
collecting such annual taxes.
SECTION 12: Pledge of Revenues. The City hereby
covenants and agrees that all Net Revenues of the Golf Course
Facilities, with the exception of those in excess of the
amounts required to be deposited to the Certificate Fund as
hereafter provided, are hereby irrevocably pledged to the
payment of the principal of and interest on the Certificates
and Additional Obligations, if issued, as herein provided, such
pledge of and lien on the Net Revenues being junior and
-20-
2 8 S 1 D
subordinate to any prior pledge of and lien on the Net Revenues
of the Golf Course Facilities which may hereafter be made, and
the pledge of the Net Revenues of the Golf Course Facilities
herein made for the payment of the Certificates shall
constitute a lien on the Net Revenues of the Golf Course
Facilities in accordance with the terms and provisions hereof
and be valid and binding without any physical delivery thereof
or further act by the City.
SECTION 13: Operating Fund. The City hereby covenants
and agrees that all revenues received from the operation and
ownership of the Golf Course Faci~ities shall be kept separate
and apart from all other funds and moneys of the City, and such
revenues shall be deposited from day to day as collected into a
fund to be maintained at an official depository of the City,
known as the "City of ~ubbock Golf Course Operating Fund"
(hereinafter called the "Operating Fund"), during the period of
time the Certificates are Outstanding. All moneys deposited in
the Operating Fund shall be pledged and appropriated to the
extent required for the following purposes and in the order of
priority shown, to wit: ·
First: To the
Maintenance Expenses
operation, maintenance
Course Facilities; and.
payment of Operating and
properly charged to the
and administration of the Golf
Second: To the payment of the amounts required
to be deposited in the special funds and accounts
created and established for the payment of the
Certificates (the Certificate Fund) and Additional
Obligations.
Any Net Revenues rema1n1ng in the Operating Fund after
satisfying the foregoing payments, or making adequate and
sufficient provision for the payment thereof, may be
appropriated and used for any other City purpose now or
hereafter permitted by law.
SECTION 14: Deposits to Certificate Fund. The City
hereby covenants and agrees to cause to be deposited in the
Certificate Fund prior to each interest and principal payment
date for the Certificates from the pledged Net Revenues of the
Golf Course Facilities in the Operating Fund an amount equal to
one hundred per centum (100\) of the amount required to fully
pay the interest and principal payments then due and payable on
the Certificates, such deposits to pay accruing interest and
maturing . principal on the Certificates to be , made in
substantially equal monthly installments on or before the 1st
day of each month beginning the lst day of the month next
-21-
l 8 > I D
following the date of delivery of the ~ertificates to the
initial purchaser.
The deposits to be made to the Certificate Fund, as
hereinabove provided, shall be made until such time as such
Fund contains an amount equal to pay the principal of and
interest on the Certificates to maturity or redemption, as the
case may be. Accrued interest and premium, if any, received
from the purchasers of the Certificates deposited to the
certificate Fund, earnings received from investments held for
the account of the Certificate Fund and ad valorem taxes
levied, collected and deposited in the Certificate Fund for and
on behalf of the Certificates may be taken into consideration
and reduce the amount of the monthly deposits otherwise
required to be deposited in the Certificate Fund from the Net
Revenues of the Golf Course Facilities. In addition, any
surplus proceeds from the sale of the Certificates not expended
for authorized purposes shall be deposited in the Certificate
Fund, and such amounts so deposited shall reduce the sums
otherwise required to be deposited in said Fund from ad valorem
taxes and the Net Revenues of the Golf Course Facilities.
SECTION 15: Security of Funds. That all moneys on
deposit in the Funds for which this Ordinance makes provision
(except any portion thereof as may be at any time properly
invested) shall be secured in the manner and to the fullest
extent required by the laws of Texas for the security of public
funds, and moneys on deposit in such Funds shall be used only
for the purposes permitted by this Ordinance.
SECTION 16: Maintenance of Golf Course Insurance.
While the Certificates remain Outstanding, the City covenants
and agrees to maintain and operate the Golf Course Facilities
with all possible efficiency and to maintain casualty and other
insurance on the golf course of a kind and in such amounts
customarily carried by municipal corporations in the State of
Texas operating similar properties; and that it will faithfully
and punctually perform all duties with reference to the golf
course required by the Constitution and laws of the State of
Texas.
SECTION 17: Rates and Charges. That the City hereby
covenants and agrees with the Holders of the Certificates that
green fees and other charges with respect to and associated
with the use of the Golf course Facilities will be established
and maintained that are reasonably expected, on the basis of
available information and experience and with due allowance for
contingencies, to provide revenue allocated and budgeted:
(a) To pay Operating and Maintenance Expenses of
-22-
2 8 S l D
the Golf Course Facilities;
(b) To produce Net Revenues sufficient to pay
the amounts, if any, required to be deposited in the
special Funds created and established for the payment
of the Certificates (the Certificate Fund) and
Additional Obligations; and
(c) To pay other legally incurred indebtedness
payable from the revenues of the Golf Course
Facilities and/or secured by a lien on the Golf Course
Facilities or the revenues thereof.
SECTION 18: Records and Accounts -Annua 1 Audit. The
City further covenants and agrees that so long as any of the
Certificates remain Outstanding, it will keep and maintain
accurate and complete records and accounts pertaining to the
operation of the Golf Course Facilities in which complete and
correct entries shall be made of all transactions relating
thereto. The City further agrees that following the close of
each Fiscal Year, it will cause an audit of such books and
accounts to be made by an independent firm of Certified Public
Accountants, which audit may be made in conjunction with and be
a part of the annual audit of all records and accounts of the
City required by the laws of the State of Texas, including
v.T.C.A., Local Government Code, Chapter 103. Copies of each
annual audit shall be furnished to the Executive Director of
the Municipal Advisory Council of Texas at his office in
Austin, Texas, and upon written request, to any Holder of 20%
or more in principal amount of the Certificates.
SECTION 19: Remedies in Event of Default. That in
addition to all the rights and remedies provided by the laws of
the State of Texas, the City covenants and agrees particularly
that in the event the City (a) defaults in the payments to be
made to the Certificate Fund, or (b) defaults in the observance
or performance of any other of the covenants, conditions or
obligations set forth in this Ordinance, the owner or owners of
any of the Certificates shall be entitled to a writ of mandamus
issued by a court of proper jurisdiction compelling and
requiring the governing body of the City and other officers of
the City to observe and perform any covenant, condition or
obligation prescribed in this Ordinance.
No delay or omission to exercise any right or power
accruing upon any default shall impair any such right or power,
or shall be construed to be a waiver of any such default or
acquiescense therein, and every such right and power may be
exercised from time to time and as often as may be deemed
expedient. The specific remedies herein provided shall be
-23-
l 8 5 I D
cumulative of all other existing remedies and the specification
of such remedies shall not be deemed to be exclusive.
SECTION 20: Special Covenants. That the City hereby
further covenants as follows:
(a) That it has the lawful power to pledge the
Net Revenues of the Golf Course Facilities supporting
this issue of Certificates and has lawfully exercised
said powers under the Constitution and laws of the
State of Texas, including said power existing under
V.T.C.A., Local Government Code, Subchapter C of
Chapter 271 and Tex. Rev. Civ. Stat. Ann. article
1269j-4.1.
(b) That other than for the payment of the
Certificates, the Net Revenues of the Golf Course
Facilities have not in any manner been pledged to the
payment of any debt or obligation of the City or of
the Golf Course Facilities.
SECTION 21: Issuance of Additional Obligations. That
the City hereby expressly reserves the right to hereafter
issue, without limitation as to amount or any other
restriction, Additional Obligations, as well as the right to
issue any other special or general obligations payable from and
secured, in whole or in part, by a subordinate lien on and
pledge of the Net Revenues of the Golf Course Facilities.
SECTION 22: Covenants to Maintain Tax-Exempt Status.
The City shall not use, permit the use of, or omit to use Gross
Proceeds or any other amounts (or any property the acquisition,
construction, or improvement of which is to be financed
directly or indirectly with Gross Proceeds) in a manner which,
if made or omitted, respectively, would cause the interest on
any Certificate to become includable in the gross income, as
defined in section 61 of the Code, of the owner thereof for
federal income tax purposes. Without limiting the generality
of the foregoing, unless and until the City shall have received
a written opinion of counsel nationally recognized in the field
of municipal bond law to the effect that failure to comply with
such covenant will not adversely affect the exemption from
federal income tax of the interest on any Certificate pursuant
to section 103 of the Code, the City agrees, covenants and
represents that:
(a) Definitions. When used in this Section, the following
terms have the following meanings:
"Code" means the Internal Revenue Code of 1986,
-24-l 8 S l 0
as amended by all legislation, if any, enacted on or
before the Issue Date.
"Gross Proceeds" when used with respect to the
Certificates or any other issue of obligations of the
City, means original proceeds, amounts received
(including repayments of principal) as a result of
investing the original proceeds of the issue,
transferred proceeds I sinking fund proceeds I amounts
invested in a reasonably required reserve or
replacement fund, securities or obligations pledged
by the City as security for payment of debt service
on the Certificates or such other issue, and any
other amounts used to pay debt service on the
Certificates or such other issue, together with
earnings from the investment of the foregoing.
z 8 5 1 0
"Investment" means
(1) a share of stock in a corporation
or a right to subscribe for or to receive
such a share,
(2) any obligation, including United
States Treasury bonds, notes, and bills and
bank deposits, whether or not certified or
interest be a ring I but excluding oblJ,.qations.
the interest on which is, in the opinion of
counsel nationally recognized in the field
of municipal bond law, excludable from the
gross income of any owner thereof and is
not included in computing the alternative
minimum taxable income of individuals under
the Code or the Internal Revenue Code of
1954, as amended to the date of issuance of
such obligations,
(3) any annuity contract, or any
other deferred payment contract acquired to
fund an obligation of the City, or
(4) any other property held for
investment.
"Issue Date" means the date on which the
Certificates are first authenticated and delivered to
the initial purchasers against payment therefor.
"Issue Price" of the Certificates of each Stated
Maturity means the aggregate initial offering price
of all the Certificates of such Stated Maturity to
the public (exclusive of underwriters, dealers,
-25-
2 8 5 I 0
bondhouses, brokers, and similar persons or
organizations acting in the capacity of underwriters
or wholesalers) at which a substantial number of
Certificates of such Stated Maturity are sold to the
public, including accrued interest to the Issue Date,
if any.
"Nonpurpose Investment" means any Investment in
which Gross Proceeds of the Certificates are invested
and which is not acquired to carry out the
governmental purpose of the Certificates.
"Purchase Price" of any Investment means
(1) if a United States Treasury
obligation acquired directly from the
United States Treasury, the amount paid
therefor,
(2) if a certificate of deposit
issued by a commercial bank, the bona fide
bid price quoted by a dealer who maintains
an active secondary market in such
certificates of deposit, and
(3) otherwise, generally the mean of
the bid price and the offer·ed · price
therefor on an established market on the
day on which such Investment is purchased
or contracted for or, if there are no bid
prices and offered prices on such date, on
the first day preceding such date for which
there are bid prices and offered prices.
"Yield" of
(1) any Investment means the discount
factor which, when used in computing the
present value of all scheduled payments of
principal of and interest on such
Investment on the date such Investment is
purchased with Gross Proceeds or otherwise
allocated to Gross Proceeds, results in an
amount equal to the Purchase Price thereof
(but excluding any commissions),
compounding semiannually, and
(2)
discount
computing
the Certificates means the,
factor which, when used in
the present value on the Issue
-26-
Date of all scheduled payments of principal
of and interest on the Certificates,
results in an amount equal to aggregate
Issue Prices of the Certificates of each
Stated Maturity, compounding semiannually.
(b) No Private Use or Private Payments. Except as
permitted by section 141 of the Code and the regulations and
rulings thereunder, the City shall, at all times prior to the
last Stated Maturity of Certificates,
( 1) exclusively own, operate, and possess the Golf
Course Facilities and all properties constituting the Golf
Course Facilities and its components, and all property the
acquisition, construction, or improvement of which is to
be financed directly or indirectly with Gross Proceeds of
the Certificates and not use or permit the use of such
Gross Proceeds or the properties constituting the Golf
Course Facilities or any property acquired, constructed,
or improved with such Gross Proceeds in any activity
carried on by any person or entity other than a state or
local government, unless such use is solely as a member of
the general public or such use is restricted or limited in
such manner so as to not adversely · affect the exemption
from federal income taxation of the interest on the
Certificates pursuant to Section 103 of the Code, or
(2) not directly or indirectly impose or accept any
charge or other payment for use of Gross Proceeds of the
Certificates or the Golf Course Facilities or any property
the acquisition, construction, or improvement of which is
to be financed directly or indirectly with such Gross
Proceeds, other than taxes of general application within
the City or interest earned on investments acquired with
such Gross Proceeds pending application for their intended
purposes.
(c) No Private Loan. Except to the extent permitted by
section. 141 of the Code and the regulations and rulings
thereunder, the City shall not use Gross Proceeds of the
Certificates to make or finance loans to any person or entity
other than a state or local government. For purposes of the
foregoing covenant, such Gross Proceeds are considered to be
"loaned" to a person or entity if (1) property acquired,
constructed, or improved with such Gross Proceeds is sold or
leased to such person or entity in a transaction which creates
a debt for federal income tax purposes, (2) capacity in or
service from such property is committed to such ,person or
entity under a take-or-pay, output, or similar contract or
arrangement, or (3) indirect benefits, or burdens and benefits
-27-
l 8 S I D
,.
"
of ownership, of such Gross Proceeds or any property acquired,
constructed, or improved with such Gross Proceeds are otherwise
transferred in a transaction which is the economic equivalent
of a loan.
(d) Not to Invest at Higher Yield. Except to the extent
permitted by section 148 of the Code and the regulations and
rulings thereunder, the City shall not, at any time prior to
the final Stated Maturity of the Certificates, directly or
indirectly invest Gross Proceeds of the Certificates in any
Investment {or use such Gross Proceeds to replace money so
invested), if as a result of such investment the Yield from the
Issue Date of all Investments acquired with such Gross Proceeds
{or with money replaced thereby) whether then held or
previously disposed of, exceeds the Yield of the Certificates.
{e) Not Federally Guaranteed. Except to the extent
permitted by section 149(b) of the Code and the regulations and
rulings thereunder, the City shall not take or omit to take any
action which would cause the Certificates to be federally
guaranteed within the meaning of section 149{b) of the Code and
the regulations and rulings thereunder.
(f) Information Report. The City shall timely file with
the Secretary of the Treasury the information required by
section 149(e) of the Code with respect to the Certificates on
such form and in such place as such Secretary may prescribe.
(g) Rebate of Arbitrage Profits. Except to the extent
otherwise provided in section 148(f) of the Code and the
regulations and rulings thereunder,
2 8 5 I D
(1) The City shall account for all Gross Proceeds of
the Certificates (including all receipts, expenditures,
and investments thereof) on its books of account
separately and apart from all other funds (and receipts,
expenditures, and investments thereof) and sha 11 retain
all records of such accounting for at least six years
after the day on which the last outstanding Certificate is
discharged. The City may, however, to the extent
permitted by law, commingle Gross Proceeds of the
Certificates with other money of the City, provided that
the City separately accounts for each receipt and
expenditure of such Gross Proceeds and the obligations
acquired therewith.
(2) Not less frequently than annually, the City
shall calculate, in accordance with rules set. forth in
section 148(f) of the Code and the regulations and rulings
thereunder, the excess of:
-28-
(i) the amount earned on all Nonpurpose
Investments (other than Investments attributable to
any excess previously calculated pursuant to this
paragraph (2)) acquired with Gross Proceeds of the
Certificates, over
(ii) the amount which would have been earned if
such Nonpurpose Investments were invested at a rate
equal to the Yield on the Certificates,
plus any income attributable to any excess previously
calculated pursuant to this paragraph (2). In this
connection, the City hereby declines to make the election
provided for in section 148(f)(4)(A)(ii) of the Code.
(3) As additional consideration for the purchase of
the Certificates by the initial purchasers thereof and the
loan of the money represented thereby, and in order to
induce such purchase by measures designed to insure the
excludability of the interest thereon from the gross
income of the owners thereof for federal income tax
purposes, the City sha 11 pay to the United States the
amount described in paragraph (2) above at the times, in
the installments, to the place, in the manner, and
accompanied by such forms or other information as is or
may be required by sect ion 148 (f) of the Code and the
regulations and rulings thereunder.
(4) The City shall exercise reasonable diligence to
assure that no errors are made in the calculations
required by paragraph (2) and, if such error is made, to
discover and promptly to correct such error within a
reasonable amount of time thereafter, including payment to
the United States of any delinquent amounts owed to it,
interest thereon, and any assessed penalty.
(i) Not to Divert Arbitrage Profits. Except to the
extent permitted by section 148 of the Code and the regulations
and rulings thereunder, the City shall not, at any time prior
to the earlier of the Stated Maturity or final payment of the
Certificates enter into any transaction that reduces the amount
required to be paid to the United States pursuant to Subsection
(h) of this Section because such transaction results in a
smaller profit or a larger loss than would have resulted if the
transact ion had been at arm • s length and had the Yield of the
Certificates not been relevant to either party.
SECTION 23:
the City shall
2 8 S I D
Satisfaction
pay or cause
of
to
-29-
Obligations of City. If
be paid, or there shall
otherwise be paid to the Holders, the principal of, premium, if
any, and interest on the Certificates, at the times and in the
manner stipulated in this Ordinance, then the pledge of taxes
levied and the lien on and pledge of the Net Revenues of the
Golf Course Facilities under this Ordinance and all covenants,
agreements, and other obligations of the City to the Holders
shall thereupon cease, terminate, and be discharged and
satisfied.
Certificates shall be deemed to have been paid within the
meaning and with the effect expressed above in this Section
when (i) money sufficient to pay in full such Certificates or
the principal amount(s) thereof at maturity or to the
redemption date therefor, together with all interest due
thereon, shall have been irrevocably deposited with and held in
trust by the Paying Agent, or an authorized escrow agent, or
(ii) Government Securities shall have been irrevocably
depo~ited in trust with the Paying Agent, or an authorized
escrow agent, which Government Securities have been certified
by an independent accounting firm to mature as to principal and
interest in such amounts and at such times as will insure the
availability, without reinvestment, of sufficient money,
together with any moneys deposited therewith, if any, to pay
when due the principal of and interest on such Certificates on
and prior to the Stated Maturity thereof or (if notice of
redemption has been duly given or waived or if irrevocable
arrangements therefor acceptable to the Paying Agent/Registrar
have been made) the redemption date thereof. The City
covenants that no deposit of moneys or Government Securities
will be made under this Section and no use made of any such
deposit which would cause the Certificates to be treated as
"arbitrage bonds" within the meaning of Sect ion 148 of the
Internal Revenue Code of 1986, as amended, or regulations
adopted pursuant thereto.
Any moneys so deposited with the Paying Agent and all
income from Government Securities held in trust by the Paying
Agent/Registrar, or an authorized escrow agent, pursuant to
this Section which is not required for the payment of the
Certificates or interest thereon with respect to which such
moneys have been so deposited shall be remitted to the City or
deposited as directed by the City. Furthermore, any money held
by the Paying Agent/Registrar for the payment of the principal
of and interest on the Certificates and remaining unclaimed for
a period of four (4) years after the Stated Maturity, or
applicable redemption date, of the Certificates such moneys
were deposited and are held in trust to pay shall. upon the
req4est of the City be remitted to the City against' a written
receipt therefor. Notwithstanding the above and foregoing, any
remittance of funds from the Paying Agent/Registrar to the City
-30-
2 8 ~ I D
·~· '
shall be subject to any applicable unclaimed property laws of
the State of Texas.
SECTION 24: Ordinance a Contract Amendments. This
Ordinance shall constitute a contract with the Holders from
time to time, be binding on the City, and shall not be amended
or repealed by the City so long as any Certificate remains
Outstanding except as permitted in this Section. The City,
may, without the consent of or notice to any Holders of the
Certificates, from time to time and at any time, amend this
Ordinance in any manner not detrimental to the interests of the
Holders of the Certificates, including the curing of any
ambiguity, inconsistency, or formal defect or omission herein.
In addition, the City may, with the written consent .of Holders
of the Certificates holding a majority in aggregate principal
amount of the Certificates then Outstanding affected thereby,
amend, add to, or rescind any of the prov1s1ons of this
Ordinance; provided that, without the consent of all Holders of
Outstanding Certificates, no such amendment, addition, or
rescission shall (I) extend the time or times of payment of the
principal of, premium, if · any, and interest on the
Certificates, reduce the principal amount thereof, the
redemption price therefor or the rate of interest thereon, or
in any other way modify the terms of payment of the principal
of, premium, if any, or interest on the Certificates, (2) give
any preference to any Certificate over any other Certificate,
or (3) reduce the aggregate principal amount of Certificates
required to be held by Holders for consent to any such
amendment, addition, or rescission.
SECTION 25: Notices to Holders -Waivers. Wherever this
Ordinance provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and sent by United States
Mail, first class postage prepaid, to the address of each·
Holder appearing in the Security Register at the close of
business on the business day next preceding the mailing of such
notice.
In any case where notice to Holders is given by mail,
neither the failure to mail such notice to any particular
Holders, nor any defect in any notice so mailed, shall affect
the sufficiency of such notice -with respect to all other
Certificates. Where this Ordinance provides for notice in any
manner, such notice may be waived in writing by the Holder
entitled to receive such notice, either before or after the
event with respect to which such notice is given, and such
waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with ·the Paying
Agent/Registrar, but such filing shall not be a condition
-31-
2 B ~ I D
precedent to the validity of any action taken in reliance upon
such waiver.
SECTION 26: Cancellation. All Certificates surrendered
for payment, redemption, transfer, or exchange, if surrendered
to the Paying Agent/Registrar, shall be promptly cancelled by
it and, if surrendered to the City, shall be delivered to the
Paying Agent/Registrar and, if not already cancelled, shall be
promptly cancelled by the Paying Agent/Registrar. The City may
at any time deliver to the Paying Agent/Registrar for
cancellation any Certificates previously certified or
registered and delivered which the City may have acquired in
any manner whatsoever, and all Certificates so delivered shall
be promptly cancelled by the Paying Agent/Registrar. All
cancelled Certificates held by the Paying Agent/Registrar shall
be returned to the City.
SECTION 27: Mutilated, Destroyed Lost and Stolen
Certificates. In case any Certificate of a series shall be
mutilated, or destroyed, lost or stolen, the Paying
Agent/Registrar may execute and deliver a replacement
Certificate of like series, form and tenor, and in the same
denomination and bearing a number not contemporaneously
outstanding, in exchange and substitution for such mutilated
Certificate, or in lieu of and in substitution for such
destroyed, lost or stolen Certificate, only upon the approval
of the City and after (i) the filing by the Holder thereof with
the Paying Agent/Registrar of evidence satisfactory to the
Paying Agent/Registrar of the destruction, loss or theft of
such Certificate, and of the authenticity of the ownership
thereof and { ii) the furnishing to the Paying Agent/Registrar
of indemnification in an amount satisfactory to hold the City
and the Paying Agent/Registrar harmless. All expenses and
charges associated with such indemnity and with the
preparation, execution and delivery of a replacement
Certificate of a series shall be borne by the Holder of the
Certificate mutilated, or destroyed, lost or stolen.
Every replacement Certificate of a series issued pursuant
to this Section shall be a valid and binding obligation of such
series, and shall be entitled to all the benefits of this
Ordinance equally and ratably with all other Outstanding
Certificates of said series; notwithstanding the enforceability
of payment by anyone of the destroyed, lost or stolen
Certificates.
The provisions of this Section are exclusive and shall
preclude {to the extent lawful) all other rights and remedies
with respect to the replacement and payment of mutilated,
destroyed, lost, or stolen Certificates.
-32-
l 8 ~ 1 0
SECTION 28: Sale of the Certifica~es. The sale of
the Certificates to ~.fb Pl..iiLJ.o ........ ; .,xn,'"-"ik4i the price of par, and
accrued interest, plus a premium of $ -<:J-is hereby
approved and confirmed. Delivery tl'\ereof to the purchaser(s)
shall occur as soon as possible upon payment being made
therefor in accordance with the terms of sale.
SECTION 29: Control and Custody of Certificates. The
Mayor of the City shall be and is hereby authorized to take and
have charge of all necessary orders and records pending
investigation by the Attorney General of the State of Texas,
including the printing and supply of definitive Certificates,
and shall take and have charge and control of the Initial
Certificate(s) pending the approval thereof by the Attorney
General, the registration thereof by the Comptroller of Public
Accounts and the delivery thereof to the initial purchasers.
Furthermore, the Mayor, City Secretary, City Treasurer and
City Manager of the City, any one or more of said officials,
are hereby authorized and directed to furnish and execute such
documents and certifications relating to the City and the
issuance of the Certificates, including a certification as to
facts, estimates, circumstances and reasonable expectations
pertaining to the use and expenditure and investment of the
proceeds of the Certificates as may be necessary for the
approval of the Attorney General, registration by the
Comptroller of Public Accounts and delivery of the Certificates
to the Purchasers thereof and, together with the City's
financial advisor, bond counsel and the Paying Agent/
Registrar, make the necessary arrangements for the delivery of
the Initial Certificate(s) to the initial purchasers.
SECTION 30: Printed Opinion~ The initial purchasers•
obligation to accept delivery of the Certificates is subject to
being furnished a final opinion of Fulbright & Jaworski,
Attorneys, Dallas, Texas, approving the Certificates as to
their validity, said opinion to be dated and delivered as of
the date of delivery and payment for the Certificates by the
initial purchaser. Printing of a true and correct reproduction
of said opinion on the reverse side of each of the definitive
Certificates is hereby approved and authorized.
SECTION 31: Official Statement. The Official Statement
prepared in the initial offering and sale of the Certificates
by the City, together with all addendas, supplements and
amendments thereto issued on behalf of the City, is hereby
approved as to form and content, and the City Council hereby
finds that the information and data contained in said Official
Statement pertaining to the City and its financial affairs is
-33-2 8 s l 0
true and correct in all material respects and no material facts
have been omitted therefrom which are necessary to make the
statements therein, in light of the circumstances under which
they were made, not misleading. The use of such Official
Statement in the reoffering of the Certificates by the initial
purchasers is hereby approved and authorized.
SECTION 32:. Benefits of Ordinance. Nothing in this
Ordinance, expressed or implied, is intended or shall be
construed to confer upon any person other than the City, the
Paying Agent/Registrar and the Holders, any right, remedy, or
claim, legal or equitable, under or by reason of this Ordinance
or any provision hereof, this Ordinance and all its provisions
being intended to be and being for the sole and exclusive
benefit of the City, the Paying Agent/Registrar and the Holders.
SECTION 33: Inconsistent Provisions. All ordinances,
orders or resolutions, or parts thereof, which are in conflict
or inconsistent with any provision of this Ordinance are hereby
repealed to the extent of such conflict and the provisions of
this Ordinance shall be and remain controlling as to the
matters contained herein.
SECTION 34: Governing Law. This Ordinance shall be
construed and enforced in accordance with the laws of the State
of Texas and the United States of America.
SECTION 35: Severability. If any prOVlSlOn of this
Ordinance or the application thereof to any circumstance shall
be held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless
be valid, and the City Council hereby declares that this
Ordinance would have been enacted without such invalid
provision.
SECTION 36: =E~f~f~e~c~t __ o~f~H~e~a~d~in~g~s~.
herein are for convenience only and
construction hereof.
The Section headings
shall not affect the
SECTION 37: Construction of Terms. If appropriate in
the context of this Ordinance, words of the singular number
shall be considered to include the plural, words of the plural
number shall be considered to include the singular, and words
of the masculine, feminine or neuter gender shall be considered
to include the other genders.
SECTION 38: Incorporation of Findings and
Determinations. The findings and determinations of. the City
contained · in the preamble hereof are hereby incorporated by
reference and made a part of this Ordinance for all purposes as
-34-l 8 S I D
if the same were restated in full in this Section.
SECTION 39: Public Meeting. It is officially found,
determined, and declared that the meeting at which this
Ordinance is adopted was open to the public and public notice
of the time, place, and subject matter of the public business
to be considered at such meeting, including this Ordinance, was
given, all as required by Article 6252-17, Vernon's Texas Civil
Statutes, as amended.
SECTION 40: Effective Date. This Ordinance shall take
effect and be in full force from and after its second reading
and final adoption on the date shown below.
APPROVED ON FIRST READING, the 28th day of Apri 1 , 1988.
APPROVED ON SECOND READING AND PASSED AND ADOPTED, this
the 29th day of April , 1988.
CITY OF LUBBOCK, TEXAS
'MaYor
ATTEST:
Qc~J;
(City Seal)
-35-
2 8 s l 0 ________________________ ,, __ , __ ,_, __ ,
I.
I I
' I I ~ .
"!'' .,-·~-.
,r
THE STATE OF TEXAS
COUNTY OF LUBBOCK R•1.94
Before me frances Hernandel a Notarv Public in and for Lubbock Countv. Texas on this dav
personally appeared T.J. Auf& II • Account Haneaer of the S~uthwestern Newsp~-
pers Corporation. publishers of the Lubbock Avalanche-.Journal Morning. Evening and Sunday. who
being by me duly sworn did depose and say that said newspaper has been published continuously for more
than fifty-two weeks prior to the first insertion of this Le«el Notice
---------~-:---:-:--No. 826197 at Lubbock County. Texas and the attached print-
ed copy of the Lecel Notice is a true copv of the original and was printed in the Lubbock
Avalanche-Journal on the following dates: APrl l JOt HI~ 1• 1.968 412 Wordt ~ ,88 a 8362.56
Account Hana£er
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed and sworn to before me this J.3tbday of ---'.:.::M:.::I:..::'I~---· 19 88
.. ~ . ~ -.1 ORtUNANC:E lmli .
r.I
,N·G. ~~ ,NJ:~IDD}t. . •AN()ROtNAtiCE AUTHORIZ· · ANr.t ~)1{0 ~t UlG THE IUUASC:t: 01' "CITY
OF A STORM WATER STORAGe OF LU880CK, TEXAS, COMII~
AND DRAINAGE EASEMENT NAT I 0 NR. TEVAEK••uAEN CDE~~~~I· , LOCATED IN SECTION U, COURSE "' : ILOCK E·l, LUBbOCK COUNTY, CATES OF .OBLIGATION, SE·
.TEXAS, AND MORE PARTICU· . RIES 1988"; LEVY.ING AN A~
-----I.ARLY DESCRIBED IN THE ·-----------------------{vALOREM. T.AXR~Iu ~ g~ t------------BODYOFTHISOROINANCE;DI· ABLE PROl?E. • • ~
. RECTING THE CITY ENGINEER Allltl PI.I!.DGlNG6T,!i~:5~ ~~"E
! TO MARK THE OFFICIAl. MAPS ENUES OERIV ""OWNERSHIP
o.OF THE CITY OF LUBBOCK TO o0~ET~ETGI00tt.·~~U .... E FACII.I· REFL.ECT SAID ABANDON-r ,. ...-w "''" MENT AND CLOSING; PROVID· · ES FOR THE PAYMENT OF
. lNG A SAVINGS CLAUSE; AND lltDCEiUIFICATt!$: Sf':c;.l~x· ;;::,~~I DING FOR PUBLICA· IJIIUGR~~~:~~~~ ~'t:RTIFI:
T AND RESQ\.VING OTHER
ORDINANCE 19193 · .. CMA1-t\5us !ti(;IOI!NT AN~CIUE!• TO Ttf£ i$$UAR '
· AN ORotNANC!: ABANDON· ~!~i,0sEc~~!_T~;: ~J:€::..
INGANDCI.0$11\IGTWOTRANS. ANO.DEYV""""' DING THE
FORMER. PAD EASEMI!ItT$' 11PFPtRC_!!~S~!,ND~IUSTRtBUTION AND A PORTIONoP·AN UND!ill· ,.. ., ..... "" "' T GROUND UTILITY EASEMENT OP AN;~CIA!.. !>TATEMEN
LOCATED IN RUSMI.ANO PARK RELATING TttERETOI AND ADDITION TO THE CITY OF !PROVIDING AN EFFECTIVE WBBOCK, LUBBOCK COUNTY, ;OATE-. . . .
Tf:XAS, EACH OF ·WHICH IS
MORE PA.RTICULARLY DE· , ()RDINANCEI9201 ·SCRIBED HEREINAF.TER IN .. . ·THIS ORDINANCE; DIRECTING . . AN ORDINANCE AUTHOR I%·
·THE CJT'I' eNGINEER TO MARK ; IN G ~ E••et'.!J.OUFA ~UCB~:, THE O.FFICIAL MAPS OF THE . \7.000.-• • ~
CITY OF I.V880CK TO RE• ~EXAS. e.L!CSTTRE~C: I.R. IEGHVTE:~~ FLECT SAID ABANDONMENT POWER !h ,.. AND CLOSING; PROVIDING A BONOS, SERIES 1988": p~~· SAVINGS CLAUSE; AND PRO· SCRIBING THE FORMS. TER '
YIOI.NGFOR PU81.1CATION. ·ANO PROVISIONS OF s:~~
toRDINANCE 19j99 i=~~~s~s.t:~c;..~~~~Hc'hv•$
eLI!CTRIC LIGHT AN'?.=~~~; AN0RDINANCEAUTHORIZ· $Y$TEMT0 1'HE I'AV"" ·
i lNG THE ISSUANCE OF "CITY THE PRINCIPAl. OF ANQ I~·
OF LU880CK. TEXA$..·GI!NER• TEIItEST ON SAID 80N0Sl E •
Al. OSLIGATIOU BONOS, IE· 'Ac;tiNGf'ROVISIONSINCIDENT RIES 1988"1 SPECIFYING THE 7 AND RELATED TO THE ISS!J• Tl';RA,\S AND 1!'1: T 1!! YMENT. SECURITY,
SAID 80NOS; Le:V~t..UGR A ~g,:. ~E::..~~ DELIVERY OF ~~~
TINI/ING OIRE'CT ANNUAl. AO BONOS; INCL.UDING IOK
VALOREM TAX FOR THE PAY· f'ROIIAL. AIIO OIS · T .MENT OF $AID BONOS; AND r 01' Aft OF1'1(\AI. STA EN .
·RESOI,.VING OTHER MATTERS ·. PERTAINIMG THI!l~~~OC~~~
INC I !;lENT AND .RELATED TO· PIIOVIOING AN '" THE IS\UANCE; SALE, PAY· I DATE. D Dl!\;IVERY OF SAID , R-194 p. J. .•..